This part will describe five more concrete actions that any CRE firm can to reduce its exposure and guard against the potentially disastrous consequences of a cybersecurity incident. These risks can lead to potentially enormous legal and financial exposure for CRE firms: according to the 2016 version of an oft-quoted annual study conducted by the Ponemon Institute LLC and sponsored by IBM, the average total cost of a data breach for companies in the United States is currently $7.01 million. These incidents show that CRE companies should exercise caution when implementing connected building systems.
- CRE firms need to be more aware of cybersecurity and data-risk than ever before due to increases in use of electronic data.
- Cybersecurity breaches and risks can lead to enormous fines and legal exposure.
- There are 10 solid steps any CRE firm can take to mitigate the risk although it is never completely eradicated.
“Data breaches like those experienced by Essex Property Trust and Fidelity National Financial confirm that the CRE sector is not immune from the dangers posed by cyber criminals seeking to steal personally identifiable information (“PII”).”
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